It’s certainly no news that economic downturns have caused an enormous number of home foreclosures in Florida. In fact, Florida has the largest backlog of foreclosed homes of any state in the country. It takes, on average, 893 days for a foreclosure to conclude. In June of 2013, Florida passed House Bill 87 designed to speed up the foreclosure process. Unfortunately, the new law has further complicated the process and actually added to the backlog as banks and others revise their systems to be in compliance.
House Bill 87 has both good and bad news for homeowners who have been threatened with the loss of their homes.
The Good News.
The person or institution who has filed the foreclosure complaint with the court must prove that they have the right to foreclose on the home. There were two critical legal documents that were signed at the closing: the mortgage and the promissory note. Whoever holds the promissory note is the only one legally able to foreclose. Another good section of the law limits the ability of the lender to sue the borrower after foreclosure for the difference between the amount the house sold for after foreclosure and the amount of the mortgage.
The Bad News.
The foreclosure process now gives the homeowner less time to take advantage of any beneficial alternatives. In addition, a foreclosure judgment is final once the lender sells the property to a new owner. If an error was made, the borrower can seek money damages from the lender, but cannot regain his lost property.
Sean Koplow practices bankruptcy law at the Law Offices of Sean I. Koplow Before moving to Florida, he practiced in New York, where he still has an office. In 1993, Mr. Koplow received his Juris Doctorate from Brooklyn Law School. Sean feels that consumer law is where he can make the biggest impact in people’s lives. Bankruptcy can be one of the most difficult situations a person ever goes through, and Sean is always gratified when someone learns that life will be much better and far less stressful.
If someone is facing foreclosure on their home, they should strongly consider calling for a free initial consultation with this experienced Foreclosure Lawyer in Wellington, FL. There are a number of options available that might make it possible for a homeowner facing foreclosure to keep his home, but time is of the essence.
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